With the advent of artificial intelligence (AI), we are now able to optimize heating, ventilation, and air conditioning (HVAC) more efficiently. The clear benefit would be to reduce costs for each rental property and the renters, however there is also the long term benefit: this digital technology has potential to reduce carbon emissions significantly.
In the UK, governments will soon be requiring the commercial property owners to adhere to the minimum energy efficiency standard (MEES) guidelines in the hope of reaching Net Zero by 2050. These “climate change” related regulations are eyed to be fully implemented in the year 2027 where commercial real estate can only be approved and allowed to lease property and operate if it meets the MEES. Because of this, the industry players are now being shaken by the coming challenges they’ll have to face shortly to efficiently cope with this demand.
According to experts, one way of reaching this goal points toward the direction of the widespread use of artificial intelligence or AI-assisted technology in a rental property. For example, they suggest optimization of the heating, ventilation, and air conditioning (HVAC) systems using AI and “Prop Tech” or property technology. Similar to many other industries, AI systems are seen as an efficient approach in the so-called mitigation of the energy impacts in the rental business industry. This is what we see in terms of directionality when we take a look at the current situation in the real estate horizon, especially for the rental property owners and operators.
Additionally, experts also recommend future-proofing to property owners and investors. Future-proofing is defined as the process of anticipating the future and developing methods of minimizing the effects of possible problems that will come along the way. And to secure the future of the property, physically and legally, leaders have decided that owners must cooperate with the government’s approach believed to combat the anticipated climate problems; they are now being encouraged to conform to the new real estate norm to achieve the projected global energy efficiency goal set by the United Nation’s environmental commissions. According to experts, to ensure the efficiency and sustainability of a rental property, owners and real estate investors should strictly abide by these protocols.
Around the world right now, many governments and industry leaders have committed to support this agenda by the UN in the aspect of housing and the environment. The UN stated that to help reduce carbon emissions and prevent future climate-resulted catastrophe, the real estate market, in general, should also join the concerted effort by digitizing all the tenant’s, the owner’s, the operator’s, and the building’s data and connect them to the cloud using AI and Prop Tech. To many investors and operators, this is going to be a very challenging venture in an unexplored market-scape.
To see the seriousness and the magnitude of this imminent climate change-related real estate policies, take a look at how the European Commission recommends renovation, for example, of thousands upon thousands of commercial units for renting to survive in the tough future market competition. The commission warns that commercial properties that will not follow the upcoming regulations dealing with the building’s so-called emergency efficiency will be driven out in the market. With this being anticipated, real estate experts predicted that AI and Prop Tech will play a big role in the germination of this futurist vision, especially at the beginning of 2022.
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